Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 99 - ITAT RAIPURRevision u/s 263 - main grievance of the Assessee in this appeal is that no incriminating material or documents were unearthed and seized during the course of survey operation u/sec.132 and even otherwise, the assessment in this case was not pending as on the date of initiation of search and had already attained finality - HELD THAT:- Hon'ble Bombay High Court in the case of CIT Vs. Murli Agro Products Ltd. [2010 (10) TMI 1052 - BOMBAY HIGH COURT] has held that the AO while passing independent assessment u/sec. read with section 143(3) could not have disturbed the assessment/ reassessment order which has attained finality, unless the materials gathered in the course of the proceedings under section 153A establish that the reliefs granted under the finalised assessment/ reassessment were contrary to the facts unearthed during the course of 153A proceedings. The CIT could not have invoked the jurisdiction u/sec. 263 of the Act on the ground that the assessment order passed by the AO u/sec. 153A r.w.s. 143(3) was erroneous and prejudicial to the interest of revenue. From the conclusion of the Hon'ble Bombay High Court in the said case it is clear that if no incriminating material found during the course of search operation u/sec. 132 of the Act and the assessment /reassessment has attained finality, then the same cannot be disturbed u/sec. 263 of the Act by the ld. Pr.CIT. In the instant case the Pr.CIT could not have invoked the revisional jurisdiction u/sec. 263 of the Act to revise the subjected unabated assessments which have attained finality by accepting the income of the Assessee as “NIL” and yielded no addition, therefore we are inclined to quash the impugned order. - Decided in favour of assessee.
|